The ERF Board, Dallas City Council and Dallas voters recently approved changes to the plan that will reduce pension liabilities by $2.15 billion over the next 30 years while maintaining the plan's financial integrity and providing competitive benefits. The adjustment in benefits began in January 2017 for new city employees that takes into account longer life spans for retirees.
"These changes will provide future city employees with a secure retirement while assuring that the plan will maintain a strong financial position," said Jenkins. "We appreciate the city council and public's support and will continue to manage the fund for growth through conservative diversified investments."
About Employees' Retirement Fund of the City of Dallas
The Employees' Retirement Fund of the City of Dallas (ERF) is a $3.2 billion pension plan for the city's permanent civilian employees established in 1944. ERF's Board has the fiduciary responsibility, for 7,000+ civilian employees, 1,000+ deferred vested members, and 6,700+ retirees who depend on the Fund for their retirement.
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SOURCE Employees’ Retirement Fund of Dallas